Japanese online messaging company Line Corporation has announced it will invest $182mn into its mobile payments arm, Line Pay, which is a subsidiary of the main business.
Line is a popular chat app in Japan, Taiwan and Thailand and much like Asian rival WeChat, it offers users the chance to make mobile payments. Line has also diversified into other areas such as gaming and ecommerce.
Other main rivals in the region include Indonesia’s GoJek and Singapore’s Grab.
The company made a loss last year and as such is likely looking to invest in its most profitable areas of business. It also recently announced a collaboration with Chinese tech giant Tencent for its mobile payment business, as well as working with credit card behemoth Visa.
Currently, Line has over 50mn registered users. The company was launched in 2011, and since then has harboured ambitions to expand on a global scale.